Trustee corporations

As well as individuals, trustee corporations can act as property managers.

In some cases, instead of going through the court, a person who is unable to manage their assets can write directly to a trustee corporation and ask if the corporation will manage their assets. This is known as an agency agreement.

Special conditions apply to this type of application. It needs to:

specify the property to be managed and the rights and powers the applicant wants the trustee corporation to have

include certificates from 2 registered medical practitioners (at least 1 must be a psychiatrist and not otherwise involved with either the application or the person who lacks competence). The certificates must explain how the person's lack of competence prevents them from managing their own affairs

include a statutory declaration signed by the person the order is being made for. The declaration must say that the person has received independent legal advice and understands the nature, purposes and consequences of the application. The declaration must also state the person understands the right to end the trustee corporation's appointment on 7 days' written notice.

Where the property involved is worth less than $100,000, anyone who can apply for a Property Order for someone else can apply directly to a trustee corporation to manage the property.

Trustee corporations that can be appointed are listed on the Trustee Corporations Association website: